u/s 44AE playing and hiring of trucks
This query is : Resolved
22 February 2008
Hi to all my CA. friends
I want to confirm that an assessee who is running the business of playing and hiring of 7 trucks and earn more than rs. 3 crore in a year and on that amt. tds deducted by the service receivers. Is it possible not to take tax audit u/s 44AB of IT act, 1961 as receipt are more than rs. 3 crores
I want to confirm that an assessee who is running the business of playing and hiring of 7 trucks and earn more than rs. 3 crore in a year and on that amt. tds deducted by the service receivers. Is it possible not to take tax audit u/s 44AB of IT act, 1961 as receipt are more than rs. 3 crores
22 February 2008
if your receipt are more than fourty lakhs
then tax audit is compoulsory
sec 44AE is applicble only when maximum trucks are ten and total turnover is less than fourty lakhs
so you will audit your firm
then tax audit is compoulsory
sec 44AE is applicble only when maximum trucks are ten and total turnover is less than fourty lakhs
so you will audit your firm
22 February 2008
The provisions of section 44AA and 44AB shall not apply in relation to profits and gains of business of plying and hiring of 7 trucks, if the conditions of subsections (1) and (2) of Section 44AE are met with by the assessee.
22 February 2008
Sorry mr. CA Hemant T Dewani and S. Srinivasaraghavan
I cant understand your view
I cant understand your view
22 February 2008
TAX AUDIT IS COMPULSORY IF RECEIPT ARE MORE THAN 40 LAKHS AND MAXIMUM TRUCKS ARE TEN
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